Shepherd and Wedderburn advise Gatehouse Bank in multi-million pound Shariah-compliant deal

10 July 2019

Shepherd and Wedderburn advise Gatehouse Bank in multi-million pound Shariah-compliant deal

Shepherd and Wedderburn advised Gatehouse Financial Group on a multi-million pound Shariah-compliant deal to acquire The Mint office building in Leeds.

The Shepherd and Wedderburn team, comprising Carl Powlson (Corporate Finance); Jonathan Rickard (English Property Unit); Scarlett Leigh (English Property Unit); Stephen Miller (Corporate Tax); Peter Alderdice (Banking and Finance); Neil Campbell  (Banking and Finance); and John Morrison (Corporate Finance); advised Gatehouse, who in turn were acting for investors, in the acquisition from pan-European institutional investor, Patron Capital.

The Mint, built in 2009, is a 120,000 sq ft Grade A office building over eight floors located in the Holbeck district in Leeds.

The property is currently fully let to Dart Group plc, the logistics specialist and owner of Jet2 Holidays and airline Jet2, the third largest UK airline, out to January 2023.

Shepherd and Wedderburn corporate finance partner Carl Powlson, who led on the transaction, said: “Delighted to have supported Gatehouse Bank in another landmark Shariah-compliant deal - another example of our cross-practice team delivering for a valued client.”

Charles Haresnape, Chief Executive of Gatehouse Bank, said: “Gatehouse is building a portfolio of commercial properties in key areas of Britain because of the long-term strength of the UK’s economy and property market.

“Leeds is certainly one of the most exciting markets to buy into at the moment, as economic growth locally continues to exceed expectations as professional services firms flock to the area.”

Gatehouse Bank plc was founded in 2007 and operates in accordance with Shariah principles, offering savings products and finance for UK commercial and residential real estate, in addition to sourcing and advising on UK real estate investments with a focus on the build to rent sector.